Colombia has put neighbor Panama on a blacklist of countries that fail to inform Bogota over Colombians’ assets and money parked abroad, the Colombian tax director said Wednesday.
The Panamanian government had until Tuesday to deliver information on Colombians’ assets abroad, but failed to do so.
Consequently, Colombia’s neighbor to the north entered the list of tax havens, meaning that money transfers to that country will be taxed with 33% rather than the normal 10%.
“It’s not prohibited to have money in other countries, but it must be declared. What we want is close the circle around the people hiding money in other countries,” the director of Colombia’s tax agency DIAN, Santiago Rojas, told Caracol Radio Wednesday morning.
What Colombia lacks is the “adequate information from Panama” in order to impose national tax regulations, said Rojas.
The tax chief told the radio station that Panama would be taken off the list once it had provided the requested information to Colombian authorities.
Other countries on Colombia’s tax haven blacklist are Barbados, United Arab Emirates, The Isle of Man, Kuwait, Qatar, Cayman Islands, British Virgin Islands, Andorra, Bermuda, Guernsey, Liechtenstein and Cyprus.
- Colombia declara a Panamá como paraíso fiscal (El Tiempo)